Suppose the Population Falls by 1 Percent

question 125

Multiple Choice

Suppose the population falls by 1 percent.For the standard of living to rise

• A) nominal GDP can fall by as much as 1 percent
• B) nominal GDP must grow by at least 1 percent
• C) real GDP must grow by at least 1 percent
• D) real GDP must fall by at least 1 percent
• E) nominal GDP must fall by more than 1 percent

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Definitions:

Analysis of Variance (ANOVA)

A statistical method used to compare means of three or more samples.

Numerator

The top number in a fraction that represents the part of the whole being considered or counted.

Denominator

The bottom number in a fraction that represents the total number of equal parts the whole is divided into.

Degrees of Freedom

The number of independent values or quantities that can vary in an analysis without breaking any constraints, often associated with statistical calculations.